Cycle To Work

The Cycle to Work Scheme allows you to save at least 25 percent off the cost of a new bike by paying for it from your pre-tax income.

Recent changes to the rules allow you to buy accessories too, so don't think of it as a bike-only one-off.

You pay for the bike or equipment through salary sacrifice, generally over 12 months, and you save on income tax and National Insurance on the payments.

That means it's good for everyone who pays tax, and if you're fortunate enough to be earning enough to pay a higher rate, you'll save even more.

At the end of the scheme the bike is yours for a market value payment. Many providers extend the hire through a separate agreement for a further couple of years to take advantage of the much lower market value rates for older bikes (3% for bikes under £500 and 7% for more expensive bikes).